PayNXT360

  Digitalization, rising e-commerce activities , and a tech-savvy population are the key factors aiding the growth of the global prepaid card and digital wallet market in 2023. The trend is projected to further continue over the next five years, as PayNXT360 estimates that the market will grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2027, increasing from US$1.5 trillion in 2022 to reach US$2.5 trillion by 2027. The data clearly indicates that there is plenty of headroom for growth in the global prepaid card and digital wallet market. To tap into the growing demand for prepaid cards and digital wallets, fintech firms and financial service providers are launching new products, forging strategic alliances, and entering new markets in 2023. For instance, ·          Mastercard, in July 2023, announced a strategic partnership with Sombank to launch a debit card in Somalia. The goal of the strategic alliance is to promote...

  The B2B payments industry has been growing rapidly over the last few years, and the trend is projected to further continue from the medium-term perspective. This has resulted in growing competition in the space, with many new firms entering the market with their innovative business models. In Europe, for instance, buy now pay later providers are turning their focus to the B2B segment. Over the last 12 months, the B2B BNPL scheme has gained popularity not only among businesses, but venture capitalists are also foreseeing strong growth opportunities in the sector. Going forward, the B2B BNPL market is expected to gain momentum in other regions as well, threatening the growth of traditional payment models. One of the major reasons that the BNPL scheme is making quick rounds in the B2B sector is its ability to offer convenience and flexibility at a time when businesses are facing macroeconomic pressures. Rising inflation and a potential recession are expected to further aid the ...